South Carolina Gov. Henry McMaster was the featured guest at the most recent Charlotte Regional Business Alliance Executive Committee and Board of Trustees meeting.
McMaster heralded the success of South Carolina saying the state is well-positioned to emerge from the pandemic stronger than ever. He outlined promising plans for economic development, transportation, talent training, and continued prosperity for both Carolinas.
‘We’re blasting off’ | McMaster touts robust financial outlook
With the largest budget surplus in state history and the strongest fiscal condition in memory, South Carolina’s economy is “blasting off,” McMaster said.
The governor praised state leaders who took a cautious approach during the pandemic, pushing for many businesses, public places, and schools to remain open and free from heavy restrictions. McMaster said he believes that approach allowed the state to get back up to speed more quickly than others.
McMaster said the state plans to invest the additional resources “carefully in things that are going to last for a long time and produce something.”
In fact, the governor believes the financial picture is so promising, he is now calling for a reduction in the state income tax. Under the plan backed by Republican House leaders, the state would spend approximately $600 million to cut income taxes. The proposal would cut the highest tax bracket from 7% down to 6.5% immediately. Remaining tax brackets would all be sliced to 3%.
“With the prosperity that we have enjoyed and the very bright future that we see, now is the time, if there ever was a time, to cut income taxes,” McMaster said.
‘Road to the future’ | Investing in infrastructure
One of the first places McMaster wants to see the surplus invested is in the state’s infrastructure. The governor said he is working with leaders in the state House and Senate to invest in roads, bridges, and broadband.
McMaster pointed to highways like I-77 that will need to be widened to meet the continued growth in the Charlotte Region. As the Carolina Panthers continue construction of a practice facility and headquarters in Rock Hill, I-77 will play an increasingly important role in keeping the two Carolinas connected.
McMaster said he spoke to President Joe Biden and requested authorization to use federal funds from the Bipartisan Infrastructure Law to widen the interstates.
The governor has also asked the general assembly to invest $400 million in broadband infrastructure to improve accessibility across the state. The state invested $50 million in broadband upgrades in 2021.
‘We have jobs chasing people’ | Training the future workforce
As more companies expand and relocate in the Charlotte Region, the need for a highly-skilled workforce becomes increasingly important.
Last year, South Carolina invested $29 million in scholarships at the state’s technical college system, specifically earmarked for students who want to be trained in the areas deemed by businesses to be highest in demand.
“We’re lucky,” McMaster said. “We have jobs chasing people.”
The state awarded certificates and associate’s degrees for 5,000 students, McMaster said.
“It worked so well that I have asked the legislature to put $124 million in this year,” he said.
McMaster believes the training and upskilling of the workforce will allow the state to meet the needs of the existing business community and remain competitive for new businesses looking to invest.
“This is the missing link that’s much in demand,” McMaster said. “It’s opening a whole lot of doors for a whole lot of people.”
‘It’s all about relationships’ | The importance of partnerships
McMaster said he believes strongly in the importance of leaders working together.
“We want to communicate, collaborate, and cooperate,” he said. “Business, industry, everybody out there plays a role.”
McMaster said he expects the same philosophy in government as well.
“I have drilled that into all of my cabinet agencies,” he said. “If you can break down those silos, … the more we get together and talk and exchange good ideas, the better off we’ll all be.”
McMaster said he counts North Carolina Gov. Roy Cooper among his longtime friends.
“It’s all about relationships,” McMaster said. “What’s good for North Carolina is good for South Carolina.”
But that doesn’t mean a little competition isn’t healthy, he said with a smile.
“We’re competitors, no doubt,” McMaster said. “We’re all sort of fishing in the same pond when it comes to attracting business from around the world. But the good news is that there’s plenty to go around, and the even better news is that they’re looking to invest and expand hundreds of millions of dollars, and they’re looking to come to where the sun shines, and we’re right in the middle of that.”
